The government has managed to settle a row between Pakistani investor Sheharyar Chishti and Saudi shareholders in K-Electric (KE), as the latter steps down by giving majority stakes to a Saudi investor.

In a major boost to Saudi-Pakistan investment relations, Prince Mansour Bin Mohammed Al Saud has signed a Memorandum of Understanding (MoU) with Chishti for the acquisition of a majority shareholding in KES Power Ltd, the parent company that owns 66.4% of K-Electric.

Sources told The Express Tribune that Chishti had earlier acquired shares in K-Electric and attempted to take over the company, leading to a legal battle in the Sindh High Court between him and the Saudi shareholders.

According to the sources, the Saudi shareholders had raised the matter several times with the Pakistani gove

See Full Page